The Rapid Decline In PEPE Sends Whale 500K Into The Red

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Only a few days after hitting a record high on 6th May, the cost of PEPE, a brand-new meme-coin has fallen beyond 43%, leaving a minimum of one trader with tens of thousands of dollars in losses. 

One cryptocurrency “whale” bought 962.3B PEPE on May 5 using seventy Wrapped Bitcoins and 470 ETH tickers below $1,878 for a standard price of $0.000003122, according to network analytics company Lookonchain. But since then, PEPE has decreased 43% from its peak. The PEPE holdings of the crypto investor are currently valued at only $2.4M, representing an unrealized expense of above $60,000.

PEPE Garners Considerable Attention Ever Since It Came Into The Market 

PEPE still has a market valuation of a little above $1B, ranking it as the forty-fifth largest cryptocurrency worldwide despite its current price decrease.

Since its launch on 14th April, PEPE has garnered considerable attention. It has seen over $636M in trades in the past day and, as of May 5, has burned up over five thousand ETH in associated gas costs through Uniswap trading alone. The price of the meme-coin has fluctuated wildly, but over the last three weeks, several private wallet holders have grown gradually. Back then, there were 144,534 unique token holders, according to statistics from Dune Analytics.

In addition, wages on the network used by Bitcoin have increased to their greatest levels in the last few years as a result of the rise in meme-coin activity and regarding BRC-20 transactions.

Ever since, Dogecoin, which is the most popular meme-related currency, had been launched in 2013, meme-coins have become an integral part of the cryptocurrency business. It’s important to note that investing in these can be a very risky business strategy due to the intrinsic absence of any elementary, with enormous amounts of money being created and destroyed in uniform measure.